Lilia Nia Suspended by FINRA
Lilia Nia (CRD #: 6018019) has been suspended by FINRA, according to her BrokerCheck record, accessed on September 27, 2023. Details regarding her suspension are provided below.
On August 2, 2023, Lilia Nia entered into an Acceptance, Waiver, and Consent agreement (AWC) in which she consented to the findings that she affected unauthorized transactions in a community bank account without receiving authorization from anyone officially authorized to conduct trading on behalf of the bank. The trading she conducted allegedly took on too much risk but generated $1 million in commissions for her. The trades also allegedly resulted in $1.25 million in markup fees and the bank allegedly had to spend $600,000 to refocus the portfolio on less risky investments.
As part of the terms of the AWC, Lilia Nia agreed to pay $5,000 in fines and a disgorgement of $150,000. In light of her financial situation, the sanctions do not include full disgorgement or interest. She also consented to a one-year suspension.
You can read a copy of the AWC here.
Investor Dispute
On August 16, 2021, an investor alleged that Lilia Nia breached her fiduciary duty, engaged in fraud, and recommended unsuitable investments.
The investor sought $12,000,000 but the dispute settled for $425,000.
FINRA Rule 2111 – Unsuitable Investments
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2111 also violate this rule.
Background Information
Lilia Nia has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 66 Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
Lilia Nia has registered with two firms during her eight years of experience:
- Purshe Kaplan Sterling Investments (CRD #: 35747)
- Wells Fargo Advisors Financial Network (CRD #: 11025)
Kurta Law Can Help
If you worked with Lilia Nia and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.
Loading...
Reload document 
Open in new tab